Category: News

U.S. Oil Rig Count Increases

By Julianne Geiger - Apr 28, 2017, From www.oilprice.com U.S. Oil Rig Count Increases For 15th Straight Week [spacer height="20px"]The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago. Oil rigs increased by 9, while gas rigs bumped up 4.[spacer height="20px"]This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%).[spacer height="20px"]So far this year, traders have watched, mostly likely in horror, at the tug of war between OPEC’s efforts to “rebalance” the market, and U.S. shale’s efforts to take full advantage of that rebalancing effort. For every depressing API or EIA report about the lackluster results of the global inventory drawdown efforts, and for every rig count report that shows U.S. Shale keeps picking up steam, OPEC’s obedient compliance to the cuts and talks of an extension appeases at least enough of the masses to generally keep oil above $50. For Full Article CLICK HERE Read More

Oil and Gas News

U.S. oil and gas infrastructure could support more than 1 million jobs WASHINGTON -- API released a new study that shows private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs. “By 2035, if the right regulatory policies are in place, private investment could exceed $1.3 trillion for oil and natural gas infrastructure, and create more than 1 million jobs,” said Kyle Isakower, API V.P. of regulatory and economic policy. “Already, reliable access to energy has helped drive down utility, product and other energy-related costs providing a $1,337-boost to the average American household in 2015. U.S. industrial electricity costs are 30%-50% lower than those of our foreign competitors, giving manufacturers – including producers of steel, chemicals, refined fuels, plastics, fertilizers and numerous other products – a major competitive advantage.” “The United States leads the world in carbon reductions thanks primarily to greater use of natural gas,” said Robin Rorick, API midstream and industry operations group director. “Carbon emissions from power generation have plunged to nearly 30-year lows, and more than 60% of those reductions from 2005 to 2016 have been the result of switching to generation from clean-burning natural gas. By moving forward with private investments in U.S. natural gas and oil infrastructure we can ensure that the United States has the critical framework to sustain America’s energy leadership.” API contracted with ICF to investigate the scope of the economic opportunity and the amount of oil and natural gas infrastructure development likely in the U.S. over the next two decades. According to the study: Up to 1 million jobs could be supported. Up to $1.34 trillion in private natural gas and oil infrastructure investment could occur. Up to $1.89 trillion could be added to the U.S. GDP. All states would see advantages, including: Ohio:… Read More

Oil Leaders to Invest in New Supplies

“ Energy agencies warn investment is needed to avoid a shortfall in world energy supplies.” “Our message to the oil industry here in Houston is, invest, invest, invest,” Fatih Birol, the executive director of the International Energy Agency, told attendees at the CERAWeek by IHS Markit oil and gas conference. He was far from the only one. On Monday, Birol’s agency released a report, Oil 2017, which warned that the global oil supply could struggle to keep up with demand after 2020. The reason: a slump in investment in 2015 and 2016 caused by the collapse of world oil prices. While production and investment have picked up recently, IEA said “early indications of global spending for 2017 are not encouraging.” Oil demand will rise over the next five years, IEA forecasts, passing the 100 million barrels per day threshold in 2019 and climbing to 104 million barrels per day by 2022. Developing economies will account for all of the growth, IEA predicts, with Asia consuming seven out of every 10 extra barrels of oil produced. Full article CLICK HERE Read More